Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 117

Scope

  (1)   This section applies to a financial institution if the financial institution prepared a record under section   96.

Retention

  (2)   The financial institution must retain the record, or a copy of the record, for 7 years after the completion of the preparation of the record.

Civil penalty

  (3)   Subsection   (2) is a civil penalty provision.